1,000 freight forwarders use Israeli logistics technology software; Series B extension funding solidifies Freightos as digital global freight leader.
Freightos, the Israeli logistics technology company bringing freight online, today announced the completion of a $25 million Series B extension round, led by GE Ventures, with participation by additional investors. The funds will be used to scale the Freightos Marketplace globally while continuing development of the Israeli firm’s software suite of global freight pricing, routing, and sales automation.
To date, Freightos has raised $50 million.
“The age of digital logistics has arrived,” said Zvi Schreiber, founder and CEO of Freightos, “and with it easier importing and exporting for businesses worldwide. This once-neglected sector is ripe for digitization.
“Freightos’ unique technology enables instant freight routing and pricing for top forwarders worldwide. This same technology powers the Freightos Marketplace, where service providers can sell services online and import/export companies can compare, book, and manage shipments instantly. This capital raise will help to continue Freightos’ rapid expansion.”
Freightos was founded in 2011. In July 2016, the company launched the Freightos Marketplace and already counts over 10,000 registered users.
Freightos technology digitizes freight operations for over 1,000 logistics providers and global supply chain companies, including Nippon Express, CEVA Logistics, Hellmann Worldwide Logistics and Sysco Foods.
The company told ISRAEL21c that “90 percent of everything we eat, wear, and use is shipped. But online sales and automation for the trillion-dollar freight industry is non-existent. We believe that process of moving goods around the world should be smooth. So we’ve created the online freight marketplace and SaaS software to usher the logistics industry into the digital era, making global shipping faster, more cost-effective and smoother.”
Freightos has 150 employees in its offices around the world. The company is incorporated in Hong Kong, has a sales, marketing and product development team in Jerusalem, and has offices in Europe and the United States.
“Logistics digitization is a strong strategic complement for General Electric’s role as the world’s leading digital industrial company,” said Jonathan Pulitzer, GE Venture’s Managing Director of Israel. “In just five years, Freightos technology has helped a thousand logistics providers operate more efficiently, while the Freightos Marketplace has shown fantastic growth and retention indicators.”
By: Viva Sarah Press